03/09/1998 Council Packet - Laserfiche WebLink

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STAFF 0 DATE: In 1997 theEDAe F &G, Inc. regaraclin a permanent image on permission, if the project is r calls for construction of a thii permission for frnancirtg n+ AGENDA IT 15' tan Wessel Consideration of Agreement rung to Development act and Mortgage Financing, F & G, Inc.. {Apollo Business Park) a devent agreement for financial assistance with within TIF [7 strict 1 -7, the App Business Park. The mof two~buildings•in °1997; and er third in 19N. earl tort feted =std the develow has arranged for a ►raiedt. The development, agreement contains a provision a ft ) against the-property without the =ERA's ►t c mplete Because the development agreement also I building, which has not yet occurred, the FDA's" This °a9 foc is on bra n rs. It partially subordinates the ERA's dev lopment agreement th'F &G, Inc. to the new financing. This means that the new mortgage wilt be treated as if had been recorded prior to the development agreement The EDA's position with the developer will remain unchanged, and none of the °EDA's significant protections will be weakened by this action. The in the t concerns various representations about what has or has not happened with to the projec t.'The ,is, s kingthe c; -for . assurance that t erne haver t no v ons'of the development a Staftend legaI counsel have re viewed fhe representations. The project has gone very well, the but #ings are 'I00% wed excellent tenants, and, to staffs knowledge, there are no defauks or vatrons The action requested is EDA ipproval of the a rant. Acrcor+ding to legal counsel the agreement is reasonable and represents stand ari pure for refrnantting 1. Authorize the `president and a ctive ;director to execute the agreement on if of the EDA. 2..Retum`to s -forfurtherconsideration Optkin 1